Jakarta shares sharply higher in early trade on Wall St gains
JAKARTA (Thomson Financial) - Indonesian shares were sharply higher in early
trade on a technical rebound triggered by the firm opening on most markets in
the region after Wall Street finished higher overnight.
Trading volume was, however, lighter than usual as some players were absent
for polls to elect a new governor in the capital city Jakarta today.
At 9.59 am, the composite index was up 36.17 points, or 1.7 percent, at 2,
210.25 on volume of 521.88 million shares valued at 593.69 billion rupiah.
"The rebound in most East Asian markets and the rise on Wall Street overnight
have sparked bargain hunting here after the sharp falls recently," Indopremier
Securities analyst Ariyanto Reksoprojo said.
Reksoprojo said the US markets apparently responded positively to the Federal
Reserve's decision to keep its interest rate unchanged at 5.25 percent, which
helped lift sentiment in regional markets.
Gas distributor Perusahaan Gas Negara rose 350 rupiah, or 3.5 percent, to
10,350, automotive producer Astra International gained 250 rupiah, or 1.5
percent, to 17,300 and coal producer Bumi Resources added 150 rupiah, or 6.4
percent, to 2,500.
Bank Mandiri, the country's largest bank in asset terms, added 75 rupiah, or
2.4 percent, to 3,225 and Bank Central Asia rose 50 rupiah, or 0.9 percent, to
5,900.
Telkom gained 200 rupiah, or 1.9 percent, to 10,850 and rival Indosat was up
150 rupiah, or 2.2 percent, at 7,100.
(1 US dollar = 9,308 rupiah)
[EMAIL PROTECTED]
rk/zr hkp/zr MMMM SNX96-08Aug07 03:12 GMT
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